South Korean Coinpia Crypto Exchange Stops Trading

Coinpia, a cryptocurrency exchange from South Korea, said on Tuesday it has ceased trading operations and fiat deposits as it could not meet the new domestic know-your-customer (KYC) regulatory requirements in the required time.

by Konstantin Simidchiyski
07 February • 1 min
In Markets

Coinpia, a cryptocurrency exchange from South Korea, said on Tuesday it has ceased trading operations and fiat deposits as it could not meet the new domestic know-your-customer (KYC) regulatory requirements in the required time.

South Korea imposed stricter regulations to combat money laundering. They were initially announced in the second half of December and took effect as of 30 January. Currently, all of the country's cryptocurrency exchanges have to ensure that actually all of their users provide their real names and the associated with them bank accounts any time when they perform crypto-fiat trades.

According to Coinpia's statement, the exchange stopped accepting fiat deposits on 30 January to meet the requirements of the Financial Services Commission (FSC). The move came as the company could not set up the required systems for verification of the different users with their bank accounts.

According to the Korea Customs Service (KCS), the new KYC law concerns more than USD 600 million in digital currency trade.